Beginning balance of Inventory

BEGINNING BALANCES OF THE INVENTORY

You can either enter the beginning balance of each item as you create the item using the Maintain Inventory Items window. However, if you are creating several items of inventory at once, you may find it more efficient to enter the beginning balances of these items altogether at the same time. To enter the beginning balance of each inventory item, click the Beginning Balances arrow down the bottom right hand corner of the Maintain Inventory Items window.

Enter the beginning balances to this window by entering the Item ID in the space, quantity and unit cost. When you will enter the unit cost the total cost will be calculated automatically.

List of Inventory Items: Select the item of inventory from the list by clicking on it.

Item ID and Description: Note that the Item ID and the description of the item selected appears at the top of this screen. Confirm that you have selected the correct item that you wish to enter the beginning balance.

Quantity: Enter the number of units of that inventory item on hand in the Quantity field.

Unit Cost: Enter the purchase price (unit cost) of one unit of that item of inventory.

Total Cost: Notice that Peachtree automatically calculates the total cost of that many items of that type of inventory.

Total Beginning Balances: When you select the next inventory item to enter the beginning balance, Peachtree automatically recalculates the total beginning balances of all inventory items held by the business. And at the end the total value of inventory is being calculated automatically.

Once you have entered the information in the Inventory Beginning Balances window, remember to review your entries and click the OK icon to save the information and update the inventory totals.